Local banks start to lower deposit interest rates. Following the drop of global markets, local stocks shares closed in the red even though the market marked a good start thanks to the interest rate cuts announced yesterday after-trading hours. The bulls quickly retreated, letting pessimistic investors take short term profits. Local banks started to reduce the deposit interest rate by 10bps-50bps ahead of Monday’s official effective date for the new deposit rate cap of 9%. Most banks were more th